Sierra Summit Advisors LLC Invests $9.90 Million in Cardinal Health, Inc. $CAH

Sierra Summit Advisors LLC acquired a new position in shares of Cardinal Health, Inc. (NYSE:CAH) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 63,053 shares of the company’s stock, valued at approximately $9,897,000. Cardinal Health comprises about 1.5% of Sierra Summit Advisors LLC’s portfolio, making the stock its 25th largest holding.

A number of other institutional investors have also added to or reduced their stakes in the company. Integrated Wealth Concepts LLC boosted its holdings in shares of Cardinal Health by 6.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 4,363 shares of the company’s stock worth $601,000 after purchasing an additional 280 shares in the last quarter. Jones Financial Companies Lllp lifted its position in Cardinal Health by 198.3% in the 1st quarter. Jones Financial Companies Lllp now owns 21,112 shares of the company’s stock worth $27,000 after buying an additional 14,034 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in Cardinal Health in the second quarter worth approximately $659,000. Ashton Thomas Private Wealth LLC bought a new position in Cardinal Health during the second quarter valued at approximately $278,000. Finally, World Investment Advisors grew its position in Cardinal Health by 76.3% during the second quarter. World Investment Advisors now owns 5,008 shares of the company’s stock valued at $841,000 after acquiring an additional 2,168 shares during the last quarter. Institutional investors own 87.17% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Zacks Research upgraded shares of Cardinal Health from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 12th. Robert W. Baird set a $252.00 price target on shares of Cardinal Health in a research note on Friday, February 6th. Argus upped their price target on shares of Cardinal Health from $232.00 to $248.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Jefferies Financial Group lifted their price objective on Cardinal Health from $220.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Finally, Wall Street Zen lowered Cardinal Health from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 21st. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Cardinal Health has an average rating of “Moderate Buy” and an average target price of $245.20.

Cardinal Health Stock Up 0.8%

Shares of Cardinal Health stock opened at $228.85 on Friday. The company’s fifty day simple moving average is $214.08 and its two-hundred day simple moving average is $187.22. Cardinal Health, Inc. has a 12-month low of $120.72 and a 12-month high of $230.81. The firm has a market cap of $53.85 billion, a PE ratio of 32.93, a price-to-earnings-growth ratio of 1.48 and a beta of 0.64.

Cardinal Health (NYSE:CAH) last posted its earnings results on Thursday, February 5th. The company reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.32. The company had revenue of $65.63 billion during the quarter, compared to analyst estimates of $64.88 billion. Cardinal Health had a net margin of 0.68% and a negative return on equity of 92.50%. Cardinal Health’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.93 earnings per share. As a group, sell-side analysts expect that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st will be given a $0.5107 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Wednesday, April 1st. Cardinal Health’s dividend payout ratio (DPR) is currently 29.35%.

Cardinal Health Company Profile

Cardinal Health is a multinational healthcare services and products company headquartered in Dublin, Ohio. Tracing its roots to the early 1970s, the company has grown into a major provider of supply chain and distribution services for the healthcare sector. Cardinal Health operates across a range of service lines that support hospitals, health systems, pharmacies, physician offices and clinical laboratories.

The company’s core activities include the wholesale distribution of branded and generic pharmaceuticals, the supply and distribution of medical-surgical products, and the provision of logistics and inventory management solutions.